How To Keep Your Employee Retention Rates Soaring

How To Keep Your Employee Retention Rates Soaring

Recruiting high level employees can be extremely challenging, especially given the 80/20 principle. Most of the available workforce in any give region lacks the credentials or skills needed to perform specific jobs, especially those which require many years of education and or experience. It is for this reason that employee retention is so important when you do recruit top level workers. Here are some ways to keep the best workers within your organization and away from the competition.

Show Appreciation For The Work They Do

There is nothing that turns employees off faster than not receiving recognition for their accomplishments. Each employee will have their own unique way of valuing recognition, so savvy employers know how to provide accolades which are in accordance with them. Some employees enjoy being complimented in front of their peers while others prefer monetary incentives. There are others that perform best when they are given increasing responsibility or challenges to meet. Know what your employees want and when they perform well give it to them.

Always Maintain Open Communication Lines

Good communication is important at all levels of an organization, from the C-level suite down to rank and file cubicles. The best communication style is that which is timely, concise and specific. It must emphasize areas of the business that certain workers are responsible for, whether it be customer service or the management of databases.

Adapt To Their Needs

The needs of employees will change over time, so it is important to be flexible. One example of doing this is by providing opportunities within benefits packages that account for live changes. While a recent college graduate is unlikely to care about life insurance, this may change after they’ve worked with you for 5 or 10 years, especially if they’ve started a family. The lives of employees are not static and as such their benefits packages shouldn’t be either. While this does mean employers will spend more in the short term, they will also maintain higher retention rates.

Offer Challenges To Keep Them Motivated

High employee turnover often results from boredom. Top level employees are often ambitious, success oriented individuals who are best motivated in environments where they are challenged and their skills are harnessed. When these individuals lose excitement with their jobs, many will look elsewhere even if the pay and employee benefits are good. Therefore it is important for employers to recognize the talents of individual workers and provide them constant challenges that keep them busy and constantly motivated.

Provide A Merit Based Environment

One of the worst mistakes an employer can make is to foment an environment where employees are promoted based on their connections as opposed to the value they bring to the organization. The best working environments in the world are those which emphasize merit, or what an individual can bring to the table. Employees will be motivated to work harder and remain loyalwhen they see their co-workers being promoted based on their skills and contributions as opposed to the relationship they have with upper management.